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Buying a Car
The agent's got your balls in a vise, he's offering you ten percent and no bonus! What do you do? SCREW HIM, HOLD OUT FOR MORE! Name that movie! But seriously... Is it a Good Car or a Lemon? How to Tell It can be hard to tell if a car is mechanically sound or if it has any hidden problems that may be covered up by the current owner. Going into the sale with a set plan and list will help insure that you do not miss anything and end up buying a bad car. If you are unsure of how to check items on the list or do not feel comfortable assessing the car it is advised to bring a knowledgeable person or take the car to a shop for an inspection. A professional inspection costs under $100 but it is the buyers responsibility to pay. If the owner has a problem with having the car professionally inspected, they are probably withholding information about the vehicle. If you meet the owner at their home, make sure the car has not been previously started and warmed up, cold vehicles reveal more running issues than warm ones. If you meet the owner somewhere else, this is not an option. The first thing to check is the oil. Aside from the condition of the oil, at least make sure that the level is on the dipstick between full and one quart low. if the car is older, dirty oil is actually a better sign since that means that they probably didn't change it just before you arrived. The second thing to check is the level of the coolant. These are the most vital fluids; if either one runs dry, the car dies. Start the car and let it idle as you inspect all interior components. Not included on the list but very important is to test ALL the functions of the interior. This includes all the buttons on the center console, charging ports, vents, buttons, windows, seat belts and seat functions. It is also important to research common problems with the model of car your looking at and carefully inspect to see if the car your looking at has been affected. Take the car on a test drive. You want to observe all normal driving conditions and some near emergency maneuvers. Drive slowly as if you are driving through town. Turn the fans, stereo, any device that makes noise. Listen to the car. Listen for creaks, hissing, anything out of the ordinary. If everything sounds and feels normal (no weird vibrations), find a highway and accelerate the car fairly aggressively listen and feel for anything out of the ordinary. If the highway speed test checks out, slow back down and swerve the car to test the suspension components. This tests the shocks, springs, and bushings. Find a small bumps in the road and roll over them. You should feel the car absorb the bump with the springs, then dampen the oscillation with the shocks. If the car continues to oscillate, new shocks are needed. Now that the car is fully warmed, get on the ground and look for coolant leaks. the coolant system comes under pressure as the car warms to operating temperature. If no leaks can be seen, the coolant system is probably fine. Refer to the included attachments more fully detailed information. In addition to the checklist below it can be helpful to ask for, or run your own CARFAX. If it is to expensive to run a CARFAX you can ask the owner for a record of maintenance, oil changes or other work done to the car. The amount of detail in the records can also tell you how much the person cared about the car and if they were a responsible owner or not. Tips for Negotiation *Buy near the end of the month since the salesmen have to fill their quotas This will not work for HOT sports cars *Do your homework *Learn the invoice, know as much about the car as possible before you walk onto the lot *Waste as much of the dealer's time as possible, so the dealer will become invested in you *Have your finances lined up. You need to be able to drive the car off the lot that day *Bring a friend - again, you want to waste as much time as possible so they are desparate to make the sale *Discuss all of the little options first - it gives you leverage for the final price *When the time comes to make an offer for the car, offer the invoice price *NEVER pay more than $500 over invoice *When it comes time to discuss financing options - listen to their options - even though you are already set *Bring a car to "trade in" and negotaite for a trade in price *When it comes time to seal the deal, AFTER they've already written the price on the paper, turn down their financing, withdraw your trade-in and pay with cash. This takes away all of their methods for screwing you over. Auto Financing Tips It is important to shop around for car loans before heading to the dealership. You may find a wide option of auto loans at your bank, or through online credit services like Credit Karma or Nerd Wallet. Dealerships often have special offers on interest rates as low as 0%, which are also a great option. Receiving a quote for an auto loan APR will result in a hard pull on your credit report that will ding your credit score. Creditors often group similar loan types within a 14 day period, so multiple auto loan quotes within that time span will not impact your score further than a single hard pull. Be sure to steer clear of the "Choose your payment" finance options that some dealerships offer as these types of loans are often predatory. Low monthly payments require long contracts that can extend up to 96 months (8 years). A long term loan also gives dealers room to add unnecessary, and often unwanted, extras that adds significantly to the loan amount but makes little difference in the monthly payments. Additionally, a long term loan means more time for the debt to accrue interest. A good rule of thumb is to not exceed 4 years on an auto loan. 'Using Craigslist to find the car you want' Craiglist is an awesome resource but can be a pain since you can only search one area at a time. If you want to search the entire database go to allofcraigslist.com and do your search. You will get way more results but they may not be local so you better be ready for a road trip. However car prices vary from state to state, buying a car a few states away and driving it back could save you thousands. Before flying out to the car it is important to have it inspected by a third party mechanic of YOUR choosing, make sure you do your research and find a reliable shop. Category:Life Tips